America Movil plans to sell its stake in KPN, it emerged on Friday.
America Movil chief operating officer Oscar von Hauske Solís will step down as a member of KPN’s board of directors with immediate effect, the Dutch incumbent announced. America Movil made the decision because it plans to offload its stake in KPN, the telco explained.
"[America Movil] has informed KPN that, related to the reclassification of its investment in KPN as asset available for sale, it will limit representation in the supervisory board to one member," the operator said, in a statement.
"Carlos García Moreno Elizondo, CFO of America Movil, will remain a member of the supervisory board," it added.
America Movil failed in its attempt to take over KPN two years ago and has since reduced its stake in the telco.
According to its latest quarterly report, it holds 21.1% of KPN.
Now it seems it is looking for a full exit.
